Introduction to Economics

What is economics? Yes, of course it has to do with money. But beyond the concepts that we might immediately think of, like taxes, gross domestic product, and the stock market, which belong to macroeconomics, we must also understand microeconomics. Deconstructing the personal decisions we make every day, on the basis of scarcity of goods and resources, will help us get a better understanding of what economics is fundamentally about, such that we can then learn about larger concepts in a relatable way. And don't forget personal economics like banking and credit cards, that's all in here too. Let's learn about economics together!
Script by Matt Beat: / iammrbeat
Animation by Ignacio Triana: / unraveled
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[@mranonymous_25]

KZbin: How many subjects you wanna teach? Dave: Yes

[@matt261102]

I have an exercise bike in my kitchen so I can be riding, cooking tortellini and watching this video at the same time.

[@un_-known]

6 minutes 🗿

[@iammrbeat]

I know I'm biased, but, THIS WILL BE THE BEST ECONOMICS SERIES EVER.

[@boopdeboop4342]

Let's go!!!!!!!!! P.s I love your videos :)

[@Sukhme]

mr beats pleas give money

[@kaavi1391]

Mr beat , I've heard you like tariffs a lot.

[@stargarden2577]

What is this a crossover episode?

[@ghostyidk9383]

@@Sukhme this is mrbeat not mrbeast

[@niceman5907]

I'd love to see Dave do a linguistics series. His lessons are so succinct it's remarkable

[@DefendUSA1776]

"The first law of economics is scarcity. The first law of politics is to ignore the first law of economics." -Dr Thomas Sowell

[@danielmaczak8835]

Dave I wish you could multiply yourself, because there are so many interesting topics going on on your channel and only one Dave to create the content.

[@oddviews]

Before the Internet, one's Teachers were where they were and you had little choice whether good are bad. Now, in just about any subject there are thousands of Teachers (still good and bad) available but one can choose and from my experience as a long-time Subscriber and reading the comments in varied subjects, Professor Dave is among the very best. Don't change anything, Professor!

[@Riverdale270]

As a phd in econ, i really like this intro vid

[@andrewminczeski8528]

Dave is doing econ? What a frickin' champion! My students dig you, man.

[@uTube486]

I just turned 68. This video hit me like a brick. Dave distilled a complex system into something I can grab. Thanx Dave!

[@andrewminczeski8528]

"Or a teacher is compelling you" "Assuming you are taking notes like a good student" I feel personally attacked right now. Economics is gonna be a dangerous road with the PD-man.

[@cbabick]

Thank you so much for this. I'm 60 and work in science communications. I'm a life-long learner and want to know something about many areas. Often videos are geared toward people who want to hear an annoying voice, silly jokes, and silly music with not much substance. Your videos are well-made and super helpful!

[@JuiceExMachina]

Oh hell yeah, I have been interested in economics for years already. And now one of my favorite educational channels starts a series on it. You also seem to be approaching this topic from a different angle compared to other channels. Im soo hyped for this series 👍

[@suyashishan1960]

He literally knows 'every' subject 👍❤️

[@metaliumtux]

There are a lot of one mane bands and here we have one man university. xD

[@backstreetfan2887]

oh! how did I not notice this when it came out!

[@abeIincoIn]

11 hours ago but uploaded 2 minutes ago *noice*

[@GARYTHDawson]

Specsavers!!!!

[@dominicgraham6101]

Wow! In addition to being really informative (as usual), this video also looks REAL LY good! Hats off to the editor!

[@HashtagAbdul]

Professor, I didn't even know I was waiting for this series. Thank you!

[@LSven-td9sn]

Top quality as always.

[@db3536]

Looking forward to this series. Please tell me you are going to cover the notion of fiat currency and how it relates to taxes and inflation. Thanks again

[@glennpearson9348]

YES! I was wondering when you'd start tackling economics. I hope somewhere along the way you cover the concepts of free markets and tariffs.

[@Redmond17]

The preview clip on the main page made me worried that this might be a lesson on economics which completely omits the _very first lesson_ (or the definition) of economics, but I'm elated to see you hit it out of the park :D Definitely interested to see how this series goes!

[@marcusbrown6465]

I love your channel professor Dave...I learn so much from you. Thank you!!

[@altayebofficial]

Professor Dave's made such an amazing content this year 🔥 BTW, great musical changes in the intro, professor Dave 👏🏻

[@lucofparis4819]

"Unlike the primitive bartering of ancient cultural centers [...]" Hi Dave, I decided to learn more about economics, and your series seems like a pretty good overview of the topic. That being said, it's not like I know nothing on the matter, and right from the beginning, this particular statement contradicts my understanding of ancient economics. I hope you can help me understand if and where I am getting things wrong. From what I've learned the idea that bartering predated currency is plainly false, for bartering is actually a replacement system after a given currency's collapse, usually employing idealised values of the fallen currency as a metric to exchange goods and services in the bartering system. From what I have gleaned of the scientific research, it is the beginning of the cultivation of cereals that allowed for the development of the first protostates, for they likely became themselves the first currencies, owing to the ease of quantifying and carrying them. Before the emergence of such systems, it is my understanding that primitive cultures relied on sharing, borrowing, and offering, only occasionally performing transactions in raw goods with foreign groups, as part of important events such as forging alliances or ending conflicts. Now, Dave, please help me. Am I missing or misunderstanding something here? Is my account making sense? If needed I can supply references to the relevant papers, books, and articles by the way. It would just take some time to remember and link these things that I've read, sometimes years ago, so please let me know if you're interested. In the meantime, this will please the Almighty KZbin Algorithm.

[@JermainAcheampong]

As a senior student studying BAB with track economics this video gave me flashbacks to every single semester of my studies. I passed 7 classes in economics and this video included a little bit of each class. It’s really like a little introduction to each of them. The examples used by the author are very appropriate and descriptive. And right now, my topic of Intermediate Microeconomics is marginal cost and marginal benefit which is perfectly described in this video. Thank you very much Dave!

[@ianreddish1878]

Great video! I'm a Health Science student and your videos are going to be a life - saver.

[@atharvbhalerao3062]

Thank you for starting an economics series. It will help me a lot with my SL subject.

[@scptime1188]

Can we talk about the animation and production quality for this video? No longer does text pop on and off screen... it moves! It moveeeessss!

[@abdirahmanabdullahi1562]

Thanks ... We want more lectures about Agricultural economics professor Dave

[@antimatter31]

"Can a Protista become a banker? No but a 'rat' can! " - Not Kent Hovind

[@cicik57]

banker can produce only banker, have you observed a non-banker have banker offsprings?

[@hattruck8607]

@@cicik57 no,that proves that the earth is 6000 years old and that we are created by some sky daddy

[@comicconcarne]

When I went through AP Micro it only focused on capitalism - makes sense, that's what students definitely encounter. But it's like they touch on mercantilism, then jump from Smith to Keynes and skip *certain historic economic theories* in the middle. It'd be nice to get an overview on how different socioeconomic systems - like ancient slavery, feudalism, socialism - resolve scarcity. It'd demonstrate labor as an independent variable and serve as a decent history primer for the science nerd audience.

[@ProfessorDaveExplains]

That does sound good! Some of it should crop up here, but I also am planning extensive series on political science as well as world history so it should get covered between them.

[@lousybaby]

Agreed. To put a point on this, scarcity seems a poor starting point for an economics video aimed at science enthusiasts, since it bears so much of the ideological baggage of liberal economists in particular and risks establishing the economy as a natural fact rather than a chance historical outcome. (The cartoon version of the connection being: resource scarcity is a fact of the universe [it is], thus markets [they aren't]). I'll be interested to see how Dave tackles "microeconomics" as a field rather than something more easily delimited within the frame of politics and history, such as personal banking. This is to say that teaching how to navigate the current economy and make decisions toward personal enrichment ≠ teaching economics.

[@T-minus-infinite]

The series I didn't know I wanted

[@hmsphone2261]

Wonderful, I always hoped you would make a course about economics thank you very much

[@johntimothyvelasco1541]

Thank you for this good overview of economics. It is helpful as I will be taking the course this upcoming semester.

[@brad9343]

I’m in my ELA class, and instead of actually doing any assignments, I’m learning about economics. At least I’m learning (just learning to wrong thing.)

[@Zephoxi]

Keep up the good work dave. Love your stuff

[@The_Real_Quantum]

Has the animation gotten snazzier with this series? Feels much smoother and nicer. Excited to go through this series!

[@chaoticprogramming]

You are a lifesaver and by lifesaver I mean a person who has a lot of knowledge I want to contain.

[@kennybeginner4087]

What kind of people would dislike this kind of videos ?

[@grafil01]

The editing is amazing, you got a good one

[@ajantaghosh422]

Please make videos for business studies students, they are very well explained.

[@mranonymous_25]

What is Economics? It's free real estate

[@ashishlulla974]

Have you ever thought about doing a business studies series? I think it's different from economics. My friend studies it and I wanna recommend your channel to her.

[@DaArcaneNinja]

I have to take econ and hated it. So now im prepping to retake so I appreciate you helping me hate it less!

[@AbuctingTacos]

I needed this video

[@houmamkitet9555]

Looking forward to this

[@Cettywise]

This is about to get crazy 😧

[@arway4766]

I don't know how good you are at making music but could you possibly make a full "professor dave explains" song... Idk what lyrics you'd put into it but you're the expert add some science topics make them rhyme do whatever it honestly doesn't matter as long as I get a longer version of the intro lol

[@_Stin_]

Thank you Prof. Dave. The only experience I would say I have of economics is well trained men in grey suits, lying and abusing rhetoric. I sincerely hope that your lessons will change my mind about economics so I see it as useful.

[@raphaelmelki6471]

Thank you so much for your scientific content Professor! I would be so thrilled if you, one day, would tackle epistemology, as it is the inquiry in the number one question anyone asks themselves when interacting with science, that is: how does anyone know anything? Going back to the roots of empiricism, induction and logic could be of great interest. I notice that people who discard science as "just a way to see the world among many others" seem a bit confused about what really is knowledge. Having you explain these topics would be fantastic! If you don't, it won't hinder me from enjoying your videos anyway ^^ have a nice day!

[@jawad_youtube]

Crystal clear than water👍 Thanks Sir❤

[@goodfaithanarchist3461]

Hello Prof Dave, great video. Do you plan to address the pseudoscience of praxeology at any point in the series?

[@agent99._.53]

It’s not possible since praxeology isn’t a pseudoscience.

[@lanzibangli1259]

You are the best! This will be amazing. I'll be sure to send this to my teacher.

[@ryanzeng890]

Good job!

[@NewDeal1917]

Actually, 'scarcity' is a tricky idea. It plays such a role in many textbooks due to being a key concept in marginalist approach to analysis, which neoclassical ecnonomics is based on. Long story short, neoclassical framework would picture a national and global economy as a system dynamically moving towards some sort of equilibrium, making use of all possible resources in the most efficient manner. In that way we're almost everywhere at our production frontier, so we have to think wisely and monitor the outcomes of our decisions. However, many influential schools of economic thought (i.e., different branches of Keynesianism) reject this approach, putting forth the idea that we live under the conditions of constand abundance, rather than scarcity. That's hugely tied to the notion of full employment not being achieved in absence of additional regulations. If that's true, than we can allow ourselfs produce more goods without any penalties. Also, any attempts to draw all the macroeconomics from microeconomic assumptions largely failed so far (despite initial enthusiasm provoked by the Lucas revolution) - if you go that way, you will simply arrive at counterfactual conclusions and harmful policy recommendations, which US had plenty of its share for the last 40 years.

[@gracianovitaputri8676]

Will definitely follow this series!!

[@pickleswaves]

Welcome back ✌️✊

[@SaeedNeamati]

do you have a list of upcoming series?

[@ProfessorDaveExplains]

I do indeed! Lots more planned.

[@Shivamg415]

R u gonna provide any course or how's is it gonna work

[@ivanljujic4128]

Imagine being as awesome as professor Dave. Dw, random reader, you're probably awesome in your own way too, but so si professor Dave. :D

[@Ken19700]

The definition of economics as I was told is the study of the use of scarce recourses with alternative uses.

[@boopdeboop4342]

Finally!!!!

[@sachinfulsunge9977]

Sir, why the rest of the videos in the playlist are private? I wanna educate myself :(

[@ProfessorDaveExplains]

I release all my content on a schedule!

[@sachinfulsunge9977]

@@ProfessorDaveExplains Oh so they are not done yet? Thanks I thought I was missing out, thanks for the feedback sir!

[@krisboudreau3475]

What are the chances I’m watching this while riding a bike 😂 2:07

[@cedricburkhart3738]

Hay thanks Dave I was hoping you would make something on economics.

[@samyuktha652]

Thank you so much sir

[@foodbadgersnew]

prof dev is light of studnets life

[@minnymouse4753]

Energy not being a substance but action with in a substance does fit doe ideas of spirit. Many thing of extra electrons . With a matterials . . I always energy was every below the atomic level .

[@dobbysurfs]

Can science students with no prior knowledge watch this??

[@ProfessorDaveExplains]

Of course!

[@shivammishra1720]

@@ProfessorDaveExplains Thank you so much for your videos professor dave because of your quantum mysticism video I was able to get my father to question mysticism. He doesn't question it because of his obsession with ancient eastern wisdom and nationalistic sentiment. He has not changed his views completely but now he actually questions these things and tries to be a bit more open-minded.

[@cguy96]

Just an interesting FYI. In oceanography and meteorology, we often use time series analysis techniques initially developed in economics. We just do it better 😈 Edit: I hope you are also going to touch on “perceived scarcity,” e.g., Diamonds.

[@cguy96]

@Michael Enquist I don’t know if that has anything to do with it, but the tools are nice.

[@RTU-mw8ft]

What can you not teach Dave ???

[@grego7596]

This is how Dave demonstrates how biology and economics are chemically related.

[@evoid.3949]

Thanks for teaching me econ

[@psikeyhackr6914]

What about NDP, Net Domestic Product? What is depreciation? How does planned obsolescence affect the depreciation of durable consumer goods? Can economists do algebra?

[@bobshnickel5713]

I needed this desperately. Thank you for adding economics to your plethora of available information. You can learn chemistry and theory, but the most practical knowledge seems to be the everyday economics.

[@Enthalpy--]

Economics is illusion

[@brucedienst7553]

Will this align with the AP micro and macro curriculums

[@ProfessorDaveExplains]

My writer teaches high school economics so I believe it should align pretty well. I should ask him.

[@shahabbaloch8338]

Great content. Will I become richer after learning economics?

[@archivist17]

Ooh, this could be interesting!

[@NorbertSD]

Are you going to talk about different economic systems, like capitalism, socialism, communism, mutualism, etc.?

[@ProfessorDaveExplains]

I think that will probably fall more into political science, which this writer will write for me as well, but I will see how he wants to break it up.

[@kavalkahn]

This series will be so great that Thanos will have to come around about his solution for scarcity.

[@evamonahan1151]

Explain how to calculate Dead Weight Loss, producer and consumer surplus, and quotas!

[@simakusakina7296]

Thats nice Dave, but debunking dumb conspiracy would give you a ton more views

[@ProfessorDaveExplains]

I'm an educator first and foremost.

[@simakusakina7296]

@@ProfessorDaveExplains there are plenty of people who can explain economics well, but a few who can discuss conspiracy as good. Its better to specialise at something, just a suggestion tho.

[@deathnote4171]

@@ProfessorDaveExplains debunking those Topics will help Others and I found this channel by your flat earth debunking videos (And ur series r really helpful ) sir kindly make a series on Debunking allegations against Evolution and can you kindly Make a debunking video on this guy called Saboor Ahmed who is a very Popular Muslim Apologist(also studied philosophy of biology) on Evolution here he's works kzbin.info/www/bejne/fYW8goaepN-laMU , kzbin.info And kindly also check out his debates and other videos on Debunking human Evolution It will help Muslim community Most English language Muslims who think Evolution/human Evolution is false follow him (some Christians also follow him ) who Follow and believe him and his works and debates :):)

[@ashishlulla974]

@@simakusakina7296 well he does both! He's professor Dave!

[@du42bz]

If you want to learn about economics, make also sure to read "Das Kapital" by Karl Marx

[@agent99._.53]

Yes very good read shows everything you shouldn’t believe.

[@zapfilmsyt]

Dave said yea I know that

[@cheesebone2818]

We watched one of your videos in class

[@ph11p3540]

You should do a video on war.

[@ProfessorDaveExplains]

World history is coming soon, there'll be a lot of war in that!

[@rencevakkachan2284]

Prof, you should do a series on psychology

[@ProfessorDaveExplains]

It's being written as we speak!

[@deathnote4171]

@@ProfessorDaveExplains Wow thank you for your great works it's really helpful

[@janin2158]

Professor!

[@bruhman2478]

Are you a math AND science scholar Professor Dave?

[@johnwright8814]

I think you are brave tackling this subject - how does a scientist approach "the invisible hand"?

[@Minder777]

I hope Praxeology is mentioned at some point.

[@shaonsingha9682]

Sir We wanna a Philosophy Course!❤️❤️❤️

[@ProfessorDaveExplains]

It will happen at some point!

[@Carrymejane]

Even this, it's gives me all the picture

[@tiaan7032]

Prof Dave can you please do a video on psychedelics. Why does the brain do those things & how does it work

[@Zippiye0001]

Do a collab with Dr Mike or something. Talk about vaccines or something.

[@gabrielwilkinson3512]

That intro threw me off

[@kylewhitney2890]

Professor Dave may as well start his own university. I’d enroll.

[@MrSatan-ji8kj]

That itro is great🤣

[@PabloPerroPerro]

Let's go

[@dalisophiri3308]

I don't even do economists... I just came here for the theme song...😂😂😂